12 U.S. Code § 463 - Limitation on amount of balance with any depository institution without access to Federal Reserve advances

No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section
347b[1] of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.

Section
347b of this title, referred to in text, was in the original a reference to section 10(b) of this Act, meaning section 10(b) of the Federal Reserve Act. Section 10(b) of that Act was renumbered section
10B by Pub. L. 102–242, title I, § 142(a)(2),Dec. 19, 1991, 105 Stat. 2279, without a corresponding amendment to this section.

Codification

Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. Remainder of subsec. (e) of such section
19 is classified to section
374 of this title.

Amendments

1980—Pub. L. 96–221substituted provisions limiting amount of balance required to be kept with any depository institution without access to Federal Reserve advances, for provisions limiting amount of balance required to be kept with any State bank or trust company.

Effective Date of 1980 Amendment

Amendment by Pub. L. 96–221effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 ofPub. L. 96–221, set out as a note under section
248 of this title.

LII has no control over and does not endorse any external Internet site that contains links to or references LII.